3D Printing Startup Launches with more than £3M Funding from the Angel CoFund and Longwall Ventures
Huddersfield-based eBeam additive manufacturing firm Wayland Additive champions the region’s outstanding pedigree in advanced metallurgy and manufacturing technology
Huddersfield, UK– Wayland Additive Limited announces the close of its £3 million Series A funding round, led by Longwall Ventures with the Angel CoFund (ACF), as well as a number of high-calibre angel investors. Wayland Additive is a West Yorkshire based company pushing the boundaries of electron beam (eBeam) additive manufacturing with systems that can work faster and with greater precision than existing laser-based technologies.
The startup’s goal is to bring to market, manufacture and sell metal Additive Manufacturing (“AM”, otherwise known as 3D printing) machines to end-users who require high precision and complex components (often made from advanced metal alloys) in areas such as the aerospace and medical industries.
Will Richardson, Director at Wayland Additive said: “Additive Manufacturing is currently one of the fastest growing, disruptive technology spaces, providing manufacturers with the ability to produce high value components that would have been impossible even ten years ago. We are excited to be developing our new product in such a high-potential market, and look forward to driving its rapid growth as we prepare to launch in the coming years.”
Wayland Additive’s eBeam additive manufacturing technology is built on the evolution of highly sophisticated developments in scanning electron microscopy and electron beam lithography. As a result of these innovations Wayland’s machine will offer superior levels of productivity, versatility in materials and unparalleled process monitoring and control.
Wayland has acquired IP from Huddersfield-based Reliance Precision Limited, who have developed AM technologies over the past 3 years based on several Innovate-UK grants. Wayland’s machine will incorporate some of these technologies, which will help kick-start the development of its products.
The funds raised in this round will enable Wayland Additive to develop its advances inmetal additive manufacturing from an advanced prototype to a launch product, propelling the company towards its goal to begin machine shipments in 2021.
Tim Mills, Founder Partner at the ACF commented: “West Yorkshire and the neighbouring areas have a long history of pioneering manufacturing and engineering technologies and benefit from a world class knowledge base in advanced metallurgy, so we are delighted to see the talented team at Wayland leveraging the region’s rich industrial connectivity and heritage to develop its pioneering 3D printing methods. The ACF is focussed on supporting exceptionally talented teams in all regions of the UK, and we look forward to seeing the continued growth of the next generation of industry in towns such as Huddersfield.”
Yorkshire continues to build on its reputation as the heart of the industrial sector in the UK. The value of goods exports from Yorkshire and The Humber increased to £18.1bn in 2018 according to official government figures.
David Denny, Partner at Longwall Ventures added: “We are delighted to be backing a strong team with technology that integrates process control with 3D printing – the critical piece that enables EBM to become a statistically capable manufacturing method.”
About the Angel CoFund
Launched in 2011, the Angel CoFund (ACF) is a privately managed and commercially focused institution that works alongside groups of business angels to invest in high potential SMEs across the UK, directly providing funding as well as encouraging the expansion and development of the business angel market.
To date the ACF has supported 80 companies (for example Ebury, Gousto, Crowd Vision and Hopster) providing more than £45 million in direct investment alongside more than £240m from business angels and other investors, making it one of the most active early stage investors in the country.
The ACF is a long-term investor and, in aggregate, sets aside £1 of further capital for every £1 it invests. This model gives portfolio companies and co-investors the support they need to propel strong growth. To find out more, please visit www.angelcofund.co.uk.
About Longwall Ventures
Longwall Venture Partners LLP is a venture capital firm investing in innovative, UK based, early stage companies in the healthcare, science and engineering sectors. Based on the Harwell Campus, a leading science, innovation and technology campus, located just south of Oxford, Longwall manages three funds: the £30m Oxford Technology ECF, the £40m Longwall Ventures ECF and the £75m Longwall Ventures 3 ECF, which it is currently investing.
The Longwall portfolio comprises companies in a range of sectors including scientific instrumentation, next generation sequencing, next generation PV, cancer diagnostics and drug delivery systems, digital health, satellite robotics, IoT security, radar and organ perfusion. Longwall Venture Partners LLP is authorised and regulated by the Financial Conduct Authority. http://www.longwallventures.com